Dell Rejects Bitcoin Treasury Proposal, SEC Backs Decision

Dell Technologies has officially rejected a shareholder proposal that suggested the company consider adding Bitcoin to its treasury strategy. 

The proposal , put forward earlier this year by the National Center for Public Policy Research (NCPPR), called on Dell’s board to explore the possible advantages of holding Bitcoin on its balance sheet.

The Washington-based think tank, which has made similar Bitcoin-related requests to major firms like Meta, Amazon, McDonald’s , and Microsoft, cited Dell’s past interest in crypto, rising inflation, and growing institutional support for Bitcoin — including BlackRock’s suggestion of a 2% Bitcoin allocation — as reasons for the proposal.

Dell asked the U.S. Securities and Exchange Commission (SEC) for approval to leave the proposal out of its 2025 proxy materials. In a letter from its legal team at Hogan Lovells, the company argued that decisions about cash and investment strategies are complex and should be handled by management, not shareholders.

The SEC agreed with Dell’s stance, confirming in a letter dated May 9 that it would not recommend enforcement action if the company chose to exclude the proposal. The agency stated that the proposal concerns “ordinary business operations,” which supports Dell’s argument that such decisions belong to management.

Dell emphasized that the proposal attempted to micromanage company decisions by pushing for a specific financial outcome — in this case, Bitcoin investment — and could limit management’s flexibility. The company added that such proposals may prevent shareholders from making well-informed judgments on complex financial matters.

Interestingly, speculation about Dell’s possible interest in Bitcoin had circulated after CEO Michael Dell tweeted a meme of Cookie Monster eating Bitcoin in June last year. He also commented on themes like “scarcity creates value,” echoing the views of Bitcoin advocates such as MicroStrategy’s Michael Saylor.

Dell’s keeping it simple: it just shot down the Bitcoin proposal to make one thing clear—financial decisions stay in management’s hands. Sure, Dell sees the buzz around Bitcoin as an inflation hedge, but it’s opting for a steadier, more strategic play in its treasury.

This move isn’t unique. Across industries, traditional companies are choosing risk management and financial independence over diving headfirst into crypto.